Value of Information

Description

This 2-day course will show participants well-established methods for calculating the value new information adds to an asset. Participants will be able to demonstrate how this information improves the probability of a better decision and adds value to operations. E&P companies routinely make large capital decisions in the face of wide uncertainty. As such, they often acquire information to reduce the range of that uncertainty before making these decisions. Much of this information is supplied by the oilfield service industry (downhole measurements, seismic data acquisition and processing, formation evaluation data, surface data, wellbore integrity measurements, VSPs, etc.).

Topics include:

Service Companies—Do you find it a challenge to demonstrate the value of your information, especially if the technology involved is new?

Operators—Wouldn’t it be a good idea to be able to quantify the value these products and services add to your operations?

Why Attend?

By the end of the course, you should be able to separate myths from realities. You will be better equipped to address asset or well objectives and translate them into an optimized formation-testing program.

Who Should Attend

Anyone who makes decisions, whether it is for personal or professional dealings including engineers, geologists, geophysicists, managers, business development personnel, service companies, operators, and other petroleum industry professionals.

CEUs

1.6 CEUs (Continuing Education Units) will be awarded for this 2-day course.

Cancellation Policy

To receive a full refund, all cancellations must be received in writing no later than 14 days prior to the course start date. Cancellations made after the 14-day window will not be refunded. Send cancellation requests by email to trainingcourses@spe.org; by fax to +1.866.460.3032 (US) or +1.972.852.9292 (outside US); or mail to SPE Registration, PO Box 833836, Richardson, TX 75083.

Instructor

Patrick Leach has thirty years of experience in the energy industry, primarily in upstream oil and gas. He is the chief executive officer of Decision Strategies, a leading management consulting firm. Leach has also been an independent consultant and worked for Texaco as a geophysicist, partner and government coordinator, and portfolio manager. He has lived and worked all over the world, from New Orleans to Sumatra to Aberdeen. Leach is the author of Why Can’t You Just Give Me the Number?—An Executive’s Guide to Using Probabilistic Thinking to Manage Risk and to Make Better Decisions.

Leach has a BS from the University of Rochester and an MBA from the University of Houston. He is a Charter Fellow in the Society of Decision Professionals, and holds membership in the American Association of Petroleum Geologists, the Society of Petroleum Engineers, the Decision Analysis Affinity Group, and INFORMS.